PubMatic (NasdaqGM:PUBM) Q4 2025 Earnings call February 26, 2026 04:30 PM ET Speaker7Hello everyone, welcome to PubMatic's fourth quarter and full year 2025 earnings call. My name is Reese, and I will be your Zoom operator today. Thank you for your attendance today. As a reminder, this webinar is being recorded. I will now turn the call over to Stacy Clements.Speaker10Good afternoon, everyone, and welcome to PubMatic's earnings call for the fourth quarter and full year 2025. This is Stacy Clements, and I'll ...

该公司预计2026年第一季度营收为6.78亿美元，低于此前预期的6.884亿美元。The Trade Desk表示，尽 管宏观经济存在不确定性，但公司仍将保持盈利能力和现金流，预计到2025年将创造29亿美元的收入。 周四，The Trade Desk(TTD.US)开盘大跌超13%，创近年新低，现报21.79美元。消息面上，The Trade Desk公布的第四季度利润高于华尔街预期，但预测第一季度营收将低于预期，这给短期广告需求释放 出喜忧参半的信号。该数字广告平台公布的调整后每股收益为0.59美元，高于分析师预期的0.34美元。 营收增至8.47亿美元，高于市场普遍预期的8.4122亿美元。 ...

Financial Data and Key Metrics Changes - Consolidated revenues increased by 4.1%, up from 3.5% in Q3, driven by 16% growth in transit and 1% growth in billboard [10] - Consolidated OIBDA rose by 12% to $174 million, while AFFO increased by 8% to $130 million [10][22] - Billboard revenues grew by 0.5%, but would have increased by 3.7% excluding two exited contracts [11] - Transit revenues surged by 16%, with New York MTA revenues up over 20% [12][13] Business Line Data and Key Metrics Changes - Billboard revenues were impacted by the exit of two large contracts, with static billboard revenues up 1.1% and digital billboard revenues down 0.6% [12] - Digital transit revenues increased by 37% to $73 million, while static transit revenues decreased slightly [12] - Combined digital revenue performance grew about 11%, representing 39% of total revenues [13] Market Data and Key Metrics Changes - Strong demand was noted in financial, legal, and tech sectors, while government, political, retail, and auto sectors were weaker [13] - The enterprise segment grew by 1%, with mid-teens growth in transit offset by a decline in billboard revenues [14] Company Strategy and Development Direction - The company is focused on optimizing sales strategy, modernizing workflows, and generating new demand, particularly in transit [6][9] - Investments in technology include partnerships with AWS and AdQuick to enhance advertising planning and buying processes [9][28] - The company aims to redefine the value of out-of-home advertising and increase its share of U.S. ad spend [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued revenue growth into 2026, with expectations of high single-digit growth in Q1 [25] - The company anticipates a strong performance from the New York MTA, with potential for revenues to exceed the minimum annual guarantee [67] - Management highlighted the importance of upcoming events like the World Cup as a significant revenue driver [46][67] Other Important Information - The company expects to spend approximately $90 million on CapEx in 2026, primarily for digital development [20] - The board of directors maintained a cash dividend of $0.30 payable on March 31 [23] Q&A Session Summary Question: Is there a structural shift in how large advertisers engage? - Management confirmed that partnerships with AWS and AdQuick are designed to unlock new revenue streams for both enterprise and commercial segments [33][34] Question: What is the visibility on transit for the rest of the year? - Management indicated that while transit books later than billboard, they feel optimistic about the year, particularly with MTA performance [38] Question: How is national advertising trending? - Management noted strong support from enterprise brands and highlighted significant campaigns from various sectors, including entertainment and finance [45][46] Question: What revenue is expected from the New York MTA in 2026? - Management expects MTA revenues to step up by about 3% to approximately $161 million, with potential for strong double-digit growth [69][77]

Shares of Amazon (NASDAQ: AMZN) currently trade 22% below their peak from November 2025 (as of Feb. 17). More recently, the market became weary when the business announced plans for $200 billion in capital expenditures in 2026. This investment, up from $131 billion last year, is meant to support Amazon's artificial intelligence (AI) efforts. It's time to take advantage of the opportunity. Here are three reasons investors should buy the dip on this "Magnificent Seven" stock. Will AI create the world's firs ...

Core Viewpoint - The Communication Services ETF (XLC) has a significant concentration of 46% of its assets in just three stocks: Meta, Alphabet, and Netflix, which poses an unusual risk for sector ETF buyers [1] Group 1: ETF Composition and Strategy - XLC provides concentrated exposure to companies that dominate communication, content consumption, and online connectivity, primarily through its top three holdings [1] - The fund's strategy allows investors to gain direct exposure to the digital advertising duopoly and streaming entertainment without selecting individual stocks [1] Group 2: Financial Performance - XLC has returned 10.79% over the past year, which is lower than the broader market represented by SPY, indicating that legacy telecom holdings have negatively impacted performance [1] - Meta and Alphabet maintain profit margins above 30%, showcasing their strong market positions in digital advertising, while Netflix has shifted to a profit-generating model with 24% margins [1] Group 3: Risks and Trade-offs - The concentration of three companies controlling over 40% of the portfolio presents a risk; any regulatory challenges or market weaknesses affecting these companies could lead to underperformance [1] - XLC is not designed for diversification but rather as a sector bet, making it suitable for investors seeking concentrated exposure to digital advertising and streaming [1]

Core Insights - Roku Inc. shares increased over 10% intra-day following the release of fourth-quarter earnings that surpassed analyst expectations and provided optimistic guidance for 2026 [1] Financial Performance - The company reported an adjusted EPS of $0.53, significantly higher than the consensus estimate of $0.27 [2] - Total revenue reached $1.38 billion, aligning with analyst expectations and reflecting a 16% year-over-year growth [2] - Platform revenue, which encompasses advertising and content distribution, grew by 18% to $1.22 billion, while Devices revenue saw a 3% increase to $171 million [2] Future Projections - For Q1 2026, Roku forecasts revenue of $1.2 billion, surpassing the consensus estimate of $1.17 billion [3] - The full-year revenue for 2026 is projected to be $5.5 billion, exceeding analyst projections of $5.34 billion [3] - Streaming hours increased by 15% year-over-year, totaling 145.6 billion for the full year of 2025 [3] Advertising and Market Position - Roku noted robust growth in advertising, with video advertising growth on its platform outpacing the U.S. OTT market and the broader digital advertising industry in 2025 [4] - The Roku Channel was the second most engaged app on the platform in the U.S., accounting for 6.3% of total TV streaming in December 2025, up from 4.6% the previous year [3] - The company anticipates reaching 100 million streaming households globally by 2026 [4] Revenue Growth Expectations - For 2026, Roku expects Platform revenue growth of 18% to $4.89 billion, with a gross margin projected between 51% and 52% [4] - The company aims to maintain disciplined operations while continuing to invest in platform expansion [4]

Core Viewpoint - Pinterest's stock has significantly declined by 22% following a disappointing Q1 revenue guidance, which fell short of analyst expectations, indicating underlying challenges despite a strong user base and revenue growth in Q4 [1] Group 1: Financial Performance - Pinterest reported Q4 revenue of $1.3 billion, a 14% year-over-year increase, but missed the $1.33 billion analyst consensus [1] - Monthly active users reached a record 619 million, up 12% year-over-year, marking the 10th consecutive quarter of growth [1] - Adjusted EBITDA was $542 million with a 41% margin, but net income dropped 85% to $277 million due to increased costs [1] Group 2: Revenue Guidance and Market Reaction - For Q1, Pinterest guided revenue between $951 million and $971 million, which is below the $981 million expected by analysts, reflecting an 11% to 14% growth [1] - The weak guidance led to at least seven firms downgrading Pinterest's stock ratings, with price targets reduced from the $38-$40 range to $19-$25 [1] Group 3: Advertising Challenges - Large retail advertisers have reduced spending on Pinterest due to tariff pressures and margin concerns, particularly in Europe where ad pricing fell by 19% despite a 41% increase in impressions [1] - Pinterest's visual discovery model struggles to compete with larger platforms like Meta, which offers superior targeting tools and a broader user base [1] Group 4: Valuation and Future Outlook - Pinterest's stock has decreased by approximately 53% over the past year, trading near six-year lows at around $14.50 per share [1] - Current valuations are low, with a trailing P/E of 5 and a forward P/E of 7, suggesting potential upside if growth resumes [1] - Management anticipates flat adjusted EBITDA margins at 30% for 2026, balancing investments with cost savings, but analysts express concerns over deteriorating fundamentals [1]

Core Insights - Pinterest has forecasted first-quarter revenue below estimates, highlighting its ongoing challenges in attracting advertising dollars compared to larger competitors in the market [1] Company Summary - The image-sharing platform is struggling to compete for advertising revenue against well-funded platforms [1]

Core Viewpoint - Roku forecasts annual revenue exceeding Wall Street estimates, driven by a rebound in the digital advertising market and a shift towards ad-based streaming [1] Group 1: Financial Performance - Roku expects annual revenue of $5.50 billion, surpassing analysts' average estimate of $5.34 billion [1] - The company anticipates platform revenue growth of 18%, reaching $4.89 billion by 2026 [1] Group 2: Market Trends - Streaming viewership has significantly increased, with connected TV devices becoming primary viewing platforms for many households [1] - The shift in consumer habits is benefiting Roku, as more customers transition to streaming platforms [1] Group 3: Stock Market Reaction - Shares of Roku rose by 8% in extended trading following the revenue forecast announcement [1]

Core Viewpoint - Airbnb forecasts first-quarter revenue between $2.59 billion and $2.63 billion, exceeding Wall Street estimates of $2.53 billion, driven by demand for premium rentals despite a decline in cost-conscious customer bookings [1] Financial Performance - In the fourth quarter, Airbnb reported earnings per share of 56 cents, down from 73 cents a year earlier, with quarterly revenue of $2.78 billion, surpassing expectations of $2.71 billion [1] Revenue Projections - The company anticipates revenue growth of "at least low double-digits" for 2026, while analysts project a growth rate of 10.24% [1] Market Strategy - Airbnb has launched a new segment for booking services like private chefs and yoga instructors to compete with hotels, where half of the experiences booked in the fourth quarter were not linked to accommodation [1] - The company is expanding its offerings by partnering with boutique and independent hotels in cities with limited rental supply, such as New York and Madrid, to increase its total addressable market [1] Industry Context - Other travel companies, including Marriott and United Airlines, are also seeing strong performance from high-end travelers, while lower-end customers face challenges due to inflation and economic uncertainty [1]